CAGR: 6.5%Current Market Size: USD 17.22 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global welding consumables market is expected to grow from USD 17.22 billion in 2022 to USD 28.49 billion by 2030, at a CAGR of 6.5% during the Projection period 2023-2030. The growth of the welding consumables market is mainly driven by the rapid growth of the oil & gas industry.
When it comes to properly combining materials, such as metals and alloys, welding is a dependable, exact, high-tech, and economical approach. These consumables, which include flux and filler ingredients, are typically utilised in arc welding procedures. These consumables help create a solid joint by liquifying when connecting metals. They also protect the molten weld from airborne impurities. Some of the raw materials used in the production of welding consumables include steel, aluminium, copper, ilmenite, nickel, and rutile. In addition, they offer extraordinary safety. Innovations in welding gas are giving producers new ways to make money. For the expanding production and safety requirements in the welding industry, businesses in the India welding consumables market are creating cutting-edge gas cylinders. Gas cylinders that are lightweight, small in size, and transport huge volumes of gas in a secure, economical manner are in high demand. High pressure gas cylinders with useful characteristics, including a built-in regulator that aid in welding operation optimization, are being produced more frequently by businesses in the India welding consumables market. Welders benefit from the lower danger of regulator damage because the regulator is completely enclosed within a guard. eatures and are especially employed in the creation of light-weight automotive components.
Sample Request:- Global Welding Consumables Market
Market Dynamics:
Drivers:
Robotic welding is recognised to be extremely precise and has successfully handled several safety issues. In addition, they provide the most accurate repeatability, which significantly cuts the time needed for the mass manufacturing of some items. Additionally, the producers believe that using welding robots will maximise quality and cut down on production expenses. Aside from that, users may quickly move reliable models from the virtual world to real-time thanks to fast offline programme development and the simplicity of importing third-party pathways.
Restraints:
There are currently issues with supply chain management as a result of numerous foreign wars. Because they are hard to come by, this has caused the price of raw resources to rise. Many organisations have been compelled to temporarily halt operations because of what appears to be a severe shortage or even an absolute lack of raw materials in some nations.
Opportunities:
The welding consumables market has undergone a significant positive transformation thanks to the Internet of Things. The IoT helps in acquiring and monitoring the data that can be essential for increasing efficiency, which is one of its main benefits. In addition, IoT can offer insightful information on what might sustainably work and what might not. Additionally, the use of IoT in welding consumables has decreased material waste.
Challenges:
The lack of skilled workers is the only factor that has the potential to reduce demand for welding consumables. Therefore, it is crucial that the producers spend money on training the workforce so that they can demonstrate the necessary abilities in sectors like the automotive, marine, etc.
Segmentation Analysis:
The global welding consumables market has been segmented based on consumables, welding type, end-user, and region.
By Consumables
The consumables segment is gases, submerged arc wires & fluxes, stick electrodes, strip cladding electrodes, and others. The submerged arc wires & fluxes segment led the largest share of the welding consumables market with a market share of around 40% in 2022. Wire are the product category with the fastest rate of expansion due to their ruggedness and reduced surface area, which shield the metal from corrosion.
By Welding Type
The welding type segment is plasma arc welding, resistance welding, arc welding, submerged arc welding, energy beam welding, electro slag welding, and others. The arc welding segment led the largest share of the welding consumables market with a market share of around 35% in 2022. Electricity is used to unite metals via the welding technique known as arc welding. It achieves smooth welding, requires little smoke to operate, is simple to use, and creates very little distortion. Due to all these benefits, the arc welding industry is likely to dominate the worldwide welding consumables market over the Projection period.
By End-User
The end-user segment is marine, automotive, oil & gas, industrial fabrication, construction, aerospace & defense, power generation, and others. The construction segment led the largest share of the welding consumables market with a market share of around 35.4% in 2022. The construction segment is anticipated to grow at a rapid rate over the Projection period due to technological advancements in the building industry. Another factor that could fuel the growth of the construction industry is the increasing amount of money that governments across the world are investing in infrastructure development. This is because the construction industry uses welding robots and welding rods.
Global Welding Consumables Market - Sales Analysis.
The sale of the welding consumables market expanded at a CAGR of 10% from 2016 to 2022.
The anticipated increase can be attributed to the fact that welding consumables provide a more affordable method of welding than other techniques and also help to protect the weld from airborne pollutants. As a result, they are increasingly used in fields such as aviation, automobiles, and construction. In addition, these offer outstanding safety features and are notably employed in the creation of lightweight automotive components.
Thus, owing to the aforementioned factors, the global welding consumables market is expected to grow at a CAGR of 6.5%during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the welding consumables market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the welding consumables market and held a 39% share of the market revenue in 2022.
Global Welding Consumables Market- Country Analysis:
Germany's welding consumables market size was valued at USD 1.28 billion in 2022 and is expected to reach USD 2.13 billion by 2030, at a CAGR of 6.6% from 2023 to 2030. Due to the high expansion of the automotive and construction industries. The employment of various types of welding, including arc welding, laser beam welding, friction welding, resistance welding, and ultrasonic welding, is one of the fundamental operations in the building and automotive industries.
China’s welding consumables market size was valued at USD 1.34 billion in 2022 and is expected to reach USD 2.26 billion by 2030, at a CAGR of 6.8% from 2023 to 2030. Permanent metal connections are made using these welding techniques. Additionally, welding is used to maintain and repair cars, which has increased the demand for welding supplies in the region. The need for welding consumables has expanded as a result of industrialization and growing urbanisation.
India's welding consumables market size was valued at USD 1.03 billion in 2022 and is expected to reach USD 1.73 billion by 2030, at a CAGR of 6.7% from 2023 to 2030. This is brought on by the country's sizable population and the expanding demand in the steel, oil and gas, automobile, and maritime (building) industries.
Key Industry Players Analysis:
To increase their market position in the global welding consumables market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
6.5% |
Market Size |
17.22 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Consumables, By Welding Type, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
The Lincoln Electric Company, Taiyo Nippon Sanso Corporation, Illinois Tool Works Inc, Hyundai Welding Co, Ltd., Air Liquide S.A., EWM AG, Air Products and Chemicals, Inc., Ador Welding Limited, MESSER Group GmbH, FSH Welding Group, WB Alloy Welding Products Limited, Industrial Welding Corporation, GCE Group AB, Kiswel Ltd, The VBC Group Ltd., Hilarius Haarlem Holland B.V., Gedik Welding, Magmaweld, Selectrode Industries, Chosun Welding, D & H India, and Yawata Electrode Co Ltd. |
By Consumables |
|
By Welding Type |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Welding Consumables Market By Consumables:
Global Welding Consumables Market By Welding Type:
Global Welding Consumables Market By End-User:
Global Welding Consumables Market By Region:
Global welding consumables market is expected to reach USD 28.49 billion by 2030.
Based on the welding type, the welding consumables market is segmented into plasma arc welding, resistance welding, arc welding, submerged arc welding, energy beam welding, electro slag welding, and others.
Robotic welding is recognized to be extremely precise and has successfully handled several safety issues. In addition, they provide the most accurate repeatability, which significantly cuts the time needed for the mass manufacturing of some items. Additionally, the producers believe that using welding robots will maximize quality and cut down on production expenses.
Leading market players active in the global welding consumables market are Arcon Welding Equipment, Voestalpine AG, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Air Liquide, Tianjin Bridge Welding Materials Co., Ltd., Hyundai Welding Co., Ltd., Fronius International GmbH, Denyo Co., Ltd., Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc. among other.
Based on the end-user, the global welding consumables market has been segmented into marine, automotive, oil & gas, industrial fabrication, construction, aerospace & defense, power generation, and others.
Political Factors- Business organisations need political stability because it affects investor and customer trust, which has a significant impact on the economy. High levels of political unrest are detrimental to economic growth, company investment, and consumer purchasing. Due to internal and external conflicts, there is currently political unrest in the region where the welding consumables business is very active. The corporation may not be able to meet its growth objectives and management may be hesitant to spend more money if they are unable to comprehend and control the current political uncertainty.
Economic Factors- The performance of the welding consumables market is significantly influenced by the workforce's qualifications and capabilities. If the welding consumables industry wants to remain competitive, talented workers must be readily available when needed. The market for welding consumables should examine changes in labour supply and demand to determine how to successfully acquire workers with the necessary skill set. Numerous issues for the welding consumables sector might be brought on by strong worker unions and a constrained labour market. For instance, it may force a market for welding consumables to accept an unequal pay hike or it could halt production by calling for a strike.
Social Factors- Consumption patterns and economic issues are interwoven. The welding consumables market has exciting development potential when consumers have more disposable income and are willing to spend more on goods and services to better their lifestyles. This is because it is simpler to introduce new products and services to these customers and because there is a higher chance that revenue will increase. The welding consumables market must carefully assess the consumption/spending trends and preferences of today's increasingly discerning consumers in order to modify its marketing mix strategies. Assess if customer behaviour is influenced by either hedonism or utilitarian motives, the market for the welding consumables must also know whether consumer behaviour is influenced by either hedonistic or utilitistic
Technological Factors- The rate and progress of technical innovation may have an impact on the market and industry as a whole. The welding consumables market will be able to comprehend the rate of new product creation, the length of the product life cycle, and the specific features that consumers demand by analysing the forthcoming technological innovation trends. The welding consumables industry can determine whether switching to e-commerce will be more advantageous than launching a physical site by examining consumer views toward cutting-edge, new digital technology. The welding consumables market may be forced to switch from manual to automated ways if competitors use automation technology to cut prices, especially if the general populace is digitally educated.
Environmental Factors- Businesses are under pressure to lessen their influence on the environment because of strict environmental legislation in many different countries. The welding consumables industry should adopt ethical production practises, promote ethical consumption among its target market, work to enhance its brand's sustainability reputation, and ensure that all national and international environmental laws are followed in order to avoid harsh, reputation-damaging criticism from relevant stakeholders. The weather must be considered as it can have a significant impact on operating costs, personnel productivity, and efficiency.
Legal Factors- A broad range of rules known as employment law protect workers' rights, including those to a fair wage, equality, equity, inclusion, fairness, and their physical and psychological safety. While some nations do not effectively enforce employment laws, others have strict penalties for violating any of the specified employee rights. The welding consumables market should guarantee the safety of the working environment before entering or operating in such nations. The appropriate procedures must be put in place in order to do that, the appropriate procedures must have the proper procedures in place in order to do away with discrimination, both types of discrimination must be welding consumables industries can improve their employer brand reputation, which is crucial for attracting and keeping top personnel in the market, by effectively adhering to employment laws.
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